David Cummings on Startups

#1 Startup Challenge: Lack of Market Awareness

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David Cummings

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The number one challenge for startups is the lack of market awareness. Lack of market awareness is another way of saying no one knows about the startup or the product. This is especially challenging when the startup’s product is in a new market which doesn’t have much demand yet — it hasn’t crossed the chasm.

When starting a new company, my recommendation is to spend more time than you expect on the following:

  • How will companies learn about your business?
  • How will you convince them you’re different in 30 seconds?
  • How will you explain what you do in 30 seconds?
  • How will you acquire new customers?

What else? What do you think is the number one startup challenge?

Comments

2 responses to “#1 Startup Challenge: Lack of Market Awareness”

  1. andrew korf Avatar
    andrew korf

    I have to say – working in advertising and branding – I am surprised how little emphasis is put on developing a solid brand, brand voice, brand positioning for start-ups… mint did its homework on this front while so many startups (bit.ly ?) could have defined and positioned themselves in the minds of stakeholders (users, venture capital, peers) well – but for whatever reason let themselves be defined… I would suggest there is a vast opportunity for someone to help startups work on brand, brand voice, brand positioning.

    Reply
  2. Paul Freet Avatar
    Paul Freet

    Obscurity is almost always the number one problem for a startup. I tell people that the first priority is to go make some customer thrilled with your product.

    Regarding andrew’s comment, your brand is what the market thinks of you. You cannot create your brand. You don’t control it. At best you can make a great product and provide great service.

    Reply

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